Ikarian Capital LLC Buys Shares of 412,565 Sagimet Biosciences Inc. (NASDAQ:SGMT)

Ikarian Capital LLC acquired a new stake in shares of Sagimet Biosciences Inc. (NASDAQ:SGMT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 412,565 shares of the company’s stock, valued at approximately $2,236,000. Ikarian Capital LLC owned about 1.29% of Sagimet Biosciences as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Sagimet Biosciences by 364.9% in the 1st quarter. Vanguard Group Inc. now owns 1,139,407 shares of the company’s stock worth $6,176,000 after purchasing an additional 894,319 shares during the period. Victory Capital Management Inc. grew its position in shares of Sagimet Biosciences by 215.0% in the 4th quarter. Victory Capital Management Inc. now owns 56,570 shares of the company’s stock worth $307,000 after acquiring an additional 38,610 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Sagimet Biosciences in the 1st quarter worth approximately $188,000. Federated Hermes Inc. lifted its holdings in shares of Sagimet Biosciences by 24.7% in the 4th quarter. Federated Hermes Inc. now owns 97,276 shares of the company’s stock worth $527,000 after purchasing an additional 19,276 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Sagimet Biosciences in the 1st quarter worth approximately $91,000. Institutional investors and hedge funds own 87.86% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman George Kemble sold 14,062 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $43,592.20. Following the completion of the sale, the chairman now directly owns 142,318 shares in the company, valued at $441,185.80. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Eduardo Bruno Martins sold 8,357 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $3.10, for a total value of $25,906.70. Following the completion of the sale, the insider now directly owns 81,213 shares in the company, valued at $251,760.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman George Kemble sold 14,062 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $3.10, for a total transaction of $43,592.20. Following the sale, the chairman now directly owns 142,318 shares in the company, valued at approximately $441,185.80. The disclosure for this sale can be found here. Insiders have sold a total of 56,958 shares of company stock valued at $178,224 over the last 90 days. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SGMT. HC Wainwright reissued a “buy” rating and issued a $32.00 price objective on shares of Sagimet Biosciences in a research note on Friday, June 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $6.00 target price (down previously from $23.00) on shares of Sagimet Biosciences in a research note on Friday, June 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $48.00 price target on shares of Sagimet Biosciences in a research report on Friday, June 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.80.

Sagimet Biosciences Stock Performance

Shares of SGMT stock traded up $0.12 during trading hours on Thursday, reaching $3.48. The company had a trading volume of 311,871 shares, compared to its average volume of 1,028,330. The company has a 50 day moving average of $3.96 and a 200 day moving average of $5.45. Sagimet Biosciences Inc. has a 1-year low of $2.13 and a 1-year high of $20.71.

Sagimet Biosciences (NASDAQ:SGMT) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.18. Equities research analysts forecast that Sagimet Biosciences Inc. will post -1.76 EPS for the current year.

Sagimet Biosciences Company Profile

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company's lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.